Avalanche Sees Increase in BTC Connected to Network With Over $44M in Bitcoin Ported on Thursday – Bitcoin News

by James · March 3, 2023

Avalanche Sees Increase in BTC Connected to Network With Over M in Bitcoin Ported on Thursday – Bitcoin News

According to the statistics, the number of bitcoins bridged to the Avalanche blockchain saw a significant influx on March 2, as more than 2,000 bitcoins were bridged that day. Data further shows that as of Friday 3 In March, a total of 8,504 bitcoins worth $190.9 million were transferred to the Avalanche network.

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Bitcoin Linked to Avalanche

Thirty-eight days ago, Bitcoin.com News reported that the number of bitcoin (BTC) transferred to the Avalanche network had exceeded the capacity of the Lightning Network. On Thursday, a significant amount of bitcoin was moved to Avalanche (AVAX) in the form of Avalanche-bridged bitcoin, also known as BTCb.

Statistics from Dune Analytics show that more than 2,000 BTC, or about $44.7 million worth of bitcoin, were connected to the AVAX chain. Since our report on January 24, 2023, the number of BTCb has risen 62%, from 5,248 to 8,504 BTCb.

The BTCb supply is still greater than the number of bitcoins in public Lightning Network channels, which is 5,421.50 BTC at the time of writing. In the 38 days since BTCb surpassed the total on public channels, supply has grown 38% greater than Lightning Network capacity.

To date, BTCb has seen 367,392 transfers, and the bridged bitcoins are held by 4,420 unique addresses. A large number of BTCb are stored on the decentralized finance protocols Benqi and GMX. Onchain data recorded on March 3 shows that 1,317 BTCb are stored in the GMX Vault.

Although BTCb has surpassed the capacity held on platforms such as the Lightning Network, Blockstream’s Liquid and RSK’s sidechain, supply still has some way to go to catch up with WBTC and the Binance Smart Chain-issued BEP20 token BTCB. At the time of writing, there are 53,023 BTCB in circulation and 153,164 WBTC in circulation.

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Avalanche, AVAX, BENQI, BEP20, Bitcoin, Blockchain, Bridge, bridged Bitcoin, Bridges, BTCB, Crypto, Cryptocurrency, decentralized finance, DeFi, Digital Currency, Dune Analytics, Finance, GMX, investment, lightning network, Liquid, market, network, Onchain data, protocol, public channels, RSK, supply, trade, transfer, unique addresses, virtual currency, WBTC

What do you think about the recent surge in bitcoin associated with the Avalanche network? Share your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.